236 Schramm Loop, Stephens City, VA 22655
3 beds · 3 baths · 2,545 sqft
Do not miss this one!! Lovely end unit with over 2,500 sq. ft. finished living space located within 5 minutes of 81. This home is in close proximity to shopping and restaurants. Beautiful kitchen with dark cabinets, granite counters a center island and an area for dining. The Living room is spacious with crown molding and open to the kitchen providing a comfortable airy concept perfect for socializing while cooking and entertaining guests. Sliding glass doors leading to a lovely deck to enjoy grilling and the outdoors. A half bath is also conveniently located on the main level off of the living room. The three bedrooms are all on the upper level. The master bedroom is a great size with ample closet space and a nice master bathroom. There is an additional full bathroom on the upper level for the other bedrooms. Additional finished area on the lower level with rough in for a full bath. Additional 12 foot bump out option giving additional area in main level flex space, added seating options in off the kitchen/dinning area and an extra large master bedroom. Nice fenced in area in the back. There is a parking lot for additional parking space.to the right as you enter the subdivision. There is also plans for an additional parking lot to be completed in 2026.
Source: BRIGHT #VAFV2032770
Source: BRIGHT #VAFV2032770
To qualify, you must meet the current FHA or VA loan requirements depending on the type of loan you are assuming. This typically means a minimum credit score of 580, although most lenders prefer 620-640. Your debt-to-income ratio should be under the 50%. Additional information such as employment history, explanations of income for each applicant, and asset verification for a down payment may be needed to process the loan.
FHA (Federal Housing Administration) loans
FHA loans require the buyer to assume the mortgage as a primary residence. When you apply for the loan, you must attest that the home will be your primary residence for 12 months to be approved for an FHA assumption. Most lenders will ask that you move in within 60 days.
VA (Veteran's Affairs) loans
You don't have to be a veteran to assume a VA loan. However, not all veterans are willing to let a non veteran assume their mortgage. Roam confirms the seller's willingness prior to you making an offer.
Investors
You may be able to assume a VA mortgage as an investor without it being your primary residence.
What is Roam?
Roam is your trusted partner for affordable home ownership. We help manage the assumption process from start to finish, enabling homebuyers to easily purchase their next home with a low-interest rate mortgage attached.
What is an assumable mortgage?
An assumable mortgage is a type of home loan that allows a homebuyer to take over the existing mortgage terms from the seller, with no cost to the seller. Many government-backed loans, such as FHA and VA loans, are eligible for assumption, and millions of these mortgages are available.
Why is an assumable mortgage valuable?
When interest rates on mortgages are high, assuming a mortgage with a rate as low as 2% allows buyers to save up to thousands monthly compared to buying a home with a traditional mortgage at today’s average rates of 7%. A low-rate assumable mortgage could be the key to finding your dream home at an affordable price.
How can you find assumable mortgage listings?
Roam has compiled available listings with low-rate assumable mortgages for you to browse. To get started, enter the city, state, zip code, or school district you’re interested in purchasing in. Utilize the search filters to narrow down your search. Click “Save search” to save your search preferences and activate listing notifications—we’ll email you as soon as new listings match your criteria.
Once you’ve found your dream home and ready to make an offer, schedule a call with a Roam Advisor directly from the listing. Your Roam Advisor will guide you through each step of the process, while also working directly with your agent, the servicer, and the seller to ensure you close on time.
How do I qualify for an assumable mortgage?
To qualify, you must meet the current FHA, VA, or USDA loan requirements depending on the type of loan you are assuming. This typically means a minimum credit score of 620, although most lenders prefer 620-640. Your debt-to-income ratio should be under the 50% max under FHA guidelines. Additional information such as employment history, explanations of income for each applicant, and asset verification for a down payment may be needed to process the loan.
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